Traditional paper invoicing procedures typically involve the seller sending an invoice to a buyer which lists the purchases that have been made, and the buyer in turn sending the seller payment based on the total amount reflected in the invoice.
In order to avoid the hassle of lost invoices, payment, and to reduce the amount of wasted paper, electronic invoices are becoming more common. Invoices are sent electronically directly to the buyer and the buyer can then remit payment either directly to the seller or through the buyer's bank.
However, there are still drawbacks to conventional electronic invoices. Bulk invoicing, for example, can be particularly time consuming, as each individual invoice must be uploaded into a computer before they are sent to the buyer in bulk. In addition, electronic invoicing often requires manual entry of information by the seller, which can result in lost time, and ultimately, lost money.
There remains a need to streamline the electronic invoicing process in order to increase efficiency and accuracy, saving time and money for both the buyer and the seller.